What can we expect from the future of property management in Jackson, MS?
It’s an interesting question to think about, especially considering how much things have changed in the local market and in the industry. We’ve been following trends and innovations closely over the last few years, and we think that there’s a real opportunity for investors to position themselves for growth and success.
As a real estate investor, you don’t need to have a hands-on approach to the leasing, management, and maintenance of your investment properties. Smart investors will hire management partners to take care of day-to-day logistics and operations and to provide insight and advice on how to make good decisions.
However, you’re probably no stranger to property management. Even renting out a single property, you can infer that the industry is evolving rapidly. We’ve seen a number of technological advancements take hold and new trends emerge.
To stay ahead of the competition, it’s essential to stay informed about the latest developments. From augmented and virtual reality to smart home technology and everything in between, there’s a lot to learn from the tools and resources that are available to property managers. Many of the trends and innovations we’re watching will help us do our jobs better. That’s good news for you, because we’ll manage your investment more efficiently and cost-effectively. You can leverage our investment in these innovations to have a better – and more profitable – investment experience.
Dive with us into the future of property management. We’re looking at the most exciting trends and innovations that are currently shaping the industry.
Adapting to a New – and Larger – Pool of Jackson Tenants
Rental values are a lot higher than they have been. Recently, there has been an increase in the value of your property, whether you’re selling it or renting it.
The rising housing prices have had an especially big impact on the Jackson rental market. While rents are higher in this market, they’re still relatively affordable compared to other cities across the country.
Higher sales prices and more expensive mortgages have also pushed people into remaining in their rental homes. There is likely to be less vacancy and fewer turnovers with your rental property because buying a home right now would simply be too expensive for many Jackson residents. This will keep the rental pool stable in the area, even as the general population is reportedly shrinking.
Tenant demographics are shifting, too. You might find you’re renting your property out to an older group of people; retirees who want the freedom of renting instead of owning their homes are likely to rent for the low-maintenance lifestyle. There are also remote workers to consider. Since the pandemic, working from home has become more than a trend; it’s the new normal. Your new tenants might be looking for different types of spaces and amenities. They’ll want access to fast internet and dedicated workspace in their homes.
Be mindful of who your ideal tenants are likely to be in this new market and shifting economy.
Artificial Intelligence and Virtual Assistants
It’s time to get comfortable with artificial intelligence (AI) and the role of virtual assistants in the real estate and property management industries. This type of technology is transforming how we spend our time and where we prioritize our talents and efforts. The use of AI has already been pretty mainstream in a lot of what we do. Those chat boxes that show up on websites, for example, asking if you need any more information, are AI-driven.
Now, AI-powered virtual assistants can help property managers streamline our workflow, respond to tenant inquiries, and automate routine tasks. This allows our property managers to spend more time responding to the needs of owners, tenants, and properties. We can plan in advance for renewals, make some recommendations about upgrades and improvements that might add value to your investment, and help you look for new potential properties on the market.
These systems can also assist in predictive maintenance by providing data-driven insights to prevent equipment failures and improve energy efficiency. This is an excellent way for property managers and owners to estimate when replacements might be necessary and how much they’re likely to cost. We can track usage and warranty information.
AI can even analyze rental data to help landlords determine the best rental rates, manage cash flow, and more. So, investing in AI-powered software will become essential for property management companies.
The reason this is so necessary and innovative is that we now have access to an extremely large amount of data. It would take a human being years to sift through the analytics and insights that come in from various sources. This data can be used to price your property more accurately, anticipate maintenance costs, and generate lease agreements and correspondence. AI helps us make sense of the data we’re collecting more quickly, and it allows us to use it where it’s really needed.
Virtual and Augmented Reality for Property Tours
Marketing and leasing is an especially exciting environment for the latest property management trends and technology. Smart locks and self-showing technology seemed pretty innovative a few years ago, but we’re well beyond that, now.
Virtual and augmented reality (VR/AR) technology has gained widespread adoption in recent years. Along with their entertainment and gaming uses, they can revolutionize the property management industry. Property managers can use VR and AR to provide virtual tours of properties, allowing potential tenants to experience the space as if they were there physically. It’s more than a video tour; it’s an interactive experience. This is especially valuable when you have a tenant from out of town who may not be able to come see the property before renting it.
These technologies help managers market their properties effectively, improving the rental prospects of space.
It’s a great tool for investors, too. You can buy a property sight unseen comfortably and securely when you’re using the right viewing platforms.
Mastering Smart Home Technology
If you want to make your property stand out on the rental market and earn higher rents, invest in smart home technology. This is the best way the remain competitive on the market, and it’s going to be extremely attractive to modern tenants.
Smart home technology is continuously growing more sophisticated. Today’s smart home technology allows tenants control their thermostats, lights, security systems and much more with a tap of their smartphone. This technology should be a priority for rental property owners and property managers. Offering smart products in your rental spaces appeals to residents who are looking for more ease, extra convenience, and enhanced security.
Smart home technology often comes cost savings, too, as smart thermostats and lighting systems can significantly decrease energy usage, making your property environmentally sustainable and more sought after. Tenants are looking for greener rental homes, and that’s another great selling point when it comes to marketing your property on the rental market.
Streamlined Maintenance Processes
Maintenance has always been a priority for property managers, and the latest trends and innovations ensure that there’s a heavier for us on preventative maintenance that’s almost intuitive and a more streamlined, less clunky reporting process. With the rising demand for rental space, maintenance is becoming a critical function of property management. One of the most challenging and time-consuming tasks in the industry is managing maintenance requests from tenants.
Heavy volume can quickly overwhelm individual property managers. Innovations in the form of automated property maintenance tools which can take over routine and time-consuming tasks like logging maintenance requests, dispatching vendors, and processing work orders will be of utmost importance in the future.
We’ll also need access to reliable vendors and contractors. With a much higher demand for repairs and renovations, the labor has to catch up so the demand can be met.
The Power of Data Analytics and Collaboration
Finally, data analytics is having a moment in the world of property management. As we mentioned earlier, there is an abundance of data available in the real estate market, such as rental prices, vacancy rates, and market trends. Property management companies can use this data to drive decisions, optimize rental prices or have better tenant retention rates. It is essential to collaborate and share data with other property owners and management companies, which also helps analyze trends. This way, everyone in the industry can move forward together, providing the best possible experience for the tenants.
Collaboration within the industry will lead to better rental experiences for everyone – owners, residents, communities, and property management companies.
The future of property management is pretty bright. This is a valuable service that goes beyond placing tenants and fixing toilets. Property managers are providing more for their clients, and we’re engaging with better tools and resources.
As technology continues to develop, the industry will become more competitive, which means you’ll need to adapt to the latest trends and innovations to remain relevant. Focus on the use of Artificial Intelligence and internet of things (IoT), embrace new virtual and augmented reality technologies, and streamline maintenance processes while collaborating with like-minded property owners.
These trends represent significant opportunities for property management companies like ours to excel in the coming years. We’d love to talk to you about how you can position yourself and your portfolio for optimal growth. Please contact us at Lucroy Residential.
